• GDP: US$52.9 billion (2005).
• Main exports: Crude oil, garments, footwear, rice and coffee.
• Main imports: Machinery and equipment, refined petroleum and steel.
• Main trade partners: USA, Japan, China, EU and Australia.

The economy of Vietnam was devastated by 30 years of war up to 1975, after which policy errors and a USA-enforced trade boycott combined to stifle development. Since the end of the boycott in 1994, and the introduction of liberalising and deregulating measures by the government, the Vietnamese economy has undergone significant growth of around 8 to 9% annually.

The 1997 Asian financial crisis put a temporary brake on the economy but annual growth has since recovered to 8.4% in 2005 despite downward pressures on the economy from SARS, avian influenza and rocketing oil prices. The average inflation rate was 4.4 % between 2001 and 2004, although it jumped to 8.3% in 2005, and unemployment has hovered around 6 or 7% for a few years with a small drop to 5.5% in 2005.

Smart lightweight casuals would usually be worn for meetings as suits are needed for only the most formal occasions. English is not spoken by all officials and a knowledge of French will be useful. Business cards should have a Vietnamese translation on the back.

Office hours: Mon-Fri 0730/0800-1200 and 1300-1630/1700. Some offices are open on Saturday mornings.

Vietnam is slowly being seen as a venue for meetings, incentives, conferences and exhibitions. At the moment there are no conference venues as such in the country, but the major hotels, in particular in Hanoi and Ho Chi Minh City, are able to host smaller events in their meeting rooms and ballrooms.

Vietnam Chamber of Commerce and Industry
4th Floor, 9 Dao Duy Anh Street, Hanoi, Vietnam
Tel: (4) 574 3985.
Website: www.vcci.com.vn